Nearly $12 million in financing from the Boston-based Community Economic Development Assistance Corp. will support a group of affordable housing projects across Massachusetts.

The public-private community development lender approved early-stage financing to 16 community development corporations that are pursuing developments. The latest commitments will go to the following projects:

150 River St., Mattapan – The Planning Office for Urban Affairs, Inc. (POUA), in partnership with Caribbean Integration Community Development (CICD), plans to create 30 units of affordable, supportive housing for seniors, with 11 units designated for households at or below 30 percent of AMI. CEDAC has provided POUA with a $750,000 predevelopment line of credit for this project.

Hamilton & Mt. Everett, Boston – Vietnamese American Initiative for Development (VietAID) intends to purchase three lots in Dorchester’s Bowdoin-Geneva neighborhood, where they plan to construct 38 units of permanent supportive housing for older adults. CEDAC committed $926,000 in acquisition and $250,000 in predevelopment financing to the project.

Mildred Hailey Building 1A, Boston – The Community Builders (TCB) Mildred Hailey Building 1A project in Boston is the first phase of a major redevelopment of this public housing in Jackson Square, which is being undertaken by Centre Street Partners LLC, a partnership between TCB, Urban Edge Housing Corporation, and Jamaica Plain Neighborhood Development Corp. Phase one will replace 253 existing public housing units and create an additional 425 new mixed-income units to be constructed over a 10-year development schedule. CEDAC, in partnership with its affiliate the Children’s Investment Fund (CIF), committed a $1 million predevelopment loan for the project.

170 Cottage St., Chelsea – The Neighborhood Developers, Inc. (TND) plans to acquire a vacant site one block from the MBTA Silver Line Station and create 66 affordable family units. CEDAC committed $4.3 million in acquisition financing and $500,000 in predevelopment financing.

1660 Main St., Tewksbury – Soldier On, the largest provider of supportive services to veteran families in the country, has entered into a development agreement with Tewksbury Home Build to purchase an undeveloped parcel, where they will construct 21 units of permanent supportive housing for veterans who are homeless or at risk of homelessness. CEDAC provided the project with $225,000 in predevelopment financing.

1-7 Marcello Avenue, Leominster – North Star Family Services, Inc. (North Star) has entered into an Option Agreement to purchase an undeveloped site, where they will create 14 units of permanent supportive housing for formerly homeless families. CEDAC has committed $100,000 in predevelopment financing to North Star.

Sever Square Phase II, Worcester – The Community Builders (TCB) plans to subdivide a 36,595 square foot acre lot from the existing Fruit Sever Apartments site and construct 49 new affordable apartments. CEDAC provided the project with $400,000 in predevelopment financing.

Belcher Apartments, Chicopee – Valley Opportunity Council (VOC) was designated by the City of Chicopee to renovate a vacant historic school building, which they will develop into 25 rental units along with 43 parking spaces. CEDAC committed $290,000 in predevelopment financing to the project.

Lauren & School Streets, Northampton – Valley Community Development Corporation (Valley CDC) plans to combine the preservation of an existing 8-unit project on School Street with the creation of 24 new affordable townhouses on Laurel Street. CEDAC committed $225,000 in predevelopment financing.

Nonprofits Get $12M for Affordable Projects

by Banker & Tradesman time to read: 2 min
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